The Body Shop’s New Zealand business has been placed in voluntary administration after it could not find a buyer.

According to the NZ Herald, Daniel Stoneman and Neale Jackson of the financial advisory firm Calibre Partners have been appointed as administrators.

All retail stores remain open at this stage, but all loyalty points have been made void. The business has 17 stores and about 70 permanent employees in New Zealand.

A message has been published on the company’s website about a clearance sale, with all items significantly discounted.

This comes after The Body Shop’s UK parent company collapsed early last year. 

While the UK company and its Australia and North America assets were sold in September, a buyer for the NZ business has not been found, said the administrators.

“We are working closely with the management team to develop a strategy to sell all stock and begin to wind down the business,” they added.